The Effect of Changes in Reserve Requirements During the 1930s: The Evidence from Nonmember Banks

Author:

CARGILL THOMAS F.,MAYER THOMAS

Abstract

Despite the widespread acceptance of Friedman and Schwartz's interpretation of the 1936/37 increase in member bank reserve requirements as the major cause of the 1937/38 recession there is surprisingly little straightforward evidence on this issue, perhaps because data limitations and structural instability preclude econometric modeling. We exploit a simple alternative, comparing member banks with nonmember banks not subject to changes in reserve requirements. The results support the hypothesis that the increase in reserve requirements reduced the availability of bank credit and contributed to the recession.

Publisher

Cambridge University Press (CUP)

Subject

Economics, Econometrics and Finance (miscellaneous),Economics and Econometrics,History

Reference26 articles.

1. Mishkin Frederic S. 2004 The Economics of Money, Banking, and Financial Markets.Boston:Addison Wesley,

2. Federal Deposit Insurance Corporation.1934–1942 Assets, Liabilities and Capital Accounts, Insured Banks.Washington, DC:Federal Deposit Insurance Corporation,

3. Board of Governors.1944“Summary of Major Requirements of State Laws Relating to Bank Reserves.”unpublished,

4. Field Alexander J. 2003“Review of Rethinking the Great Depression: A View of its Causes and Consequences.”This Journal 63,no. 1 288–289.

5. Tobin James .June 1965“The Monetary Interpretation of History.”American Economic Review 56 464–85.

Cited by 16 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

同舟云学术

1.学者识别学者识别

2.学术分析学术分析

3.人才评估人才评估

"同舟云学术"是以全球学者为主线,采集、加工和组织学术论文而形成的新型学术文献查询和分析系统,可以对全球学者进行文献检索和人才价值评估。用户可以通过关注某些学科领域的顶尖人物而持续追踪该领域的学科进展和研究前沿。经过近期的数据扩容,当前同舟云学术共收录了国内外主流学术期刊6万余种,收集的期刊论文及会议论文总量共计约1.5亿篇,并以每天添加12000余篇中外论文的速度递增。我们也可以为用户提供个性化、定制化的学者数据。欢迎来电咨询!咨询电话:010-8811{复制后删除}0370

www.globalauthorid.com

TOP

Copyright © 2019-2024 北京同舟云网络信息技术有限公司
京公网安备11010802033243号  京ICP备18003416号-3